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LIC SIIP Plan Life Insurance Riders

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Highlights
Claim Settlement Ratio98.62%
Customer Care8:00 AM to 8:00 PM
Death Benefit Paid For73,3809 Policies
Inception1956
Presence2048 Branches
Total Death Benefit Paid12797.85 Crore

The best way of enhancing the benefits of LIC SIIP Plan is to add riders. With the LIC SIIP Plan, you can add only one rider - an accidental benefit rider.

  • Accidental Benefit Rider: This rider can be added to stay protected in the event that the policyholder dies or faces physical injuries during any accident. Please note that the accidental sum assured can never exceed the basic sum assured and this benefit can be enjoyed till the maturity of the policy. The accidental benefit rider charges are deductible at the start of each month. It is better to include this rider rather than paying hefty charges after the accident and exhausting all the savings.
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Key Inclusions and Exclusions of the Plan

What's Not Included

  • There are certain exclusions to the LIC SIIP Plan such as the following: If the policyholder commits suicide within 12 months of the policy term, then there is no death benefit provided to the policyholder. However, this is not applicable if the entry age of the policyholder is below 8 years. If the policy lapses due to failure of paying out the premium, then no benefits shall be paid out.

Life Insurance Corporation of India (LIC of India) Plan List

    Name of PlanSum Assured
    LIC Bima Jyoti20 lac - 10 cr Check Premium
    LIC Jeevan Umang20 lac - 10 cr Check Premium
    LIC Jeevan Anand20 lac - 10 cr Check Premium
    LIC Jeevan Labh20 lac - 10 cr Check Premium

    FAQs on LIC SIIP Health Insurance Plan

    • What are the minimum and maximum entry age of the LIC SIIP Plan?

      The minimum and maximum entry age of the LIC SIIP Plan are 90 days and 65 years respectively.

       

    • Can I get the maturity benefits of the LIC SIIP Plan?

      Yes, the maturity benefit is offered with LIC SIIP Plan and is paid out once the policy matures.

       

    • Is death due to suicide covered under LIC SIIP Plan?

      No, if the policyholder dies within 12 months of buying the LIC SIIP Plan, then there will be no coverage provided. 

       

    • How many fund options can I get with the LIC SIIP Plan?

      With the LIC SIIP Plan, there are four fund options available: growth fund, bond fund, balanced fund, and secured fund. 

       

    • What is the lock-in period in LIC SIIP Plan?

      The lock-in period in LIC SIIP Plan is 5 years during which no amount can be withdrawn. 

       

    Life Insurance Corporation of India (LIC of India) Contact Details

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